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Oil Gains as OPEC+ Forecasts Crude Stockpiles Will Drop Sharply

  • Group projects that oil surplus will vanish by end of June
  • WTI futures rise 0.9% in New York for second monthly gain
Oil Rises With Demand Optimism Offsetting Virus Concerns
Photographer: David Paul Morris/Bloomberg
Updated on

Oil climbed for a second month as OPEC and its allies forecast that inventories will fall sharply this year if the group sticks to its plan.

Futures rose 0.9% on Monday in New York, bringing their monthly gain to more than 5%, as the cartel said that a supply surplus will mostly be gone by the end of next month. Stockpiles are forecast to decline by at least 2 million barrels a day from September through December, the group said.